Mezcal market is growing at a CAGR of 14.2% during the forecast period (2019-2024).
- The demand for mezcal, a tropical agave plant-based liquor, increased significantly over the past few years and is expected to increase further over the forecast period.
- The large millennial consumer base across the globe is encouraging vendors to expand their geographical presence, which, in turn, is bolstering the mezcal market's growth.
- Consumers are preferring mezcal over other tequila products due to the availability of a variety of flavors.
Scope of the Report
Mezcal market offers different products such as mezcal joven, mezcal reposado, mezcal anejo, and other types through offline and online retail stores. Mezcal vendors are catering primarily to this large demographic consumer base as the consumption of tequila and mezcal is maximum among this consumer segment.
Key Market Trends
United States Witnessed Increased Consumption of Mezcal and Tequila
Consumers are preferring mezcal over other types of tequila which is playing a major role to boost the mezcal consumption in the country. The rise of cocktail culture in the United States has helped make mezcal trendy, with bars offering various varieties of mezcal and tequila. Also, the growing consumption of mezcal in the US and Mexico, and changing consumer preference towards new category like extra-añejo- which is produced from 100% Agave- have been supporting the market growth of Mezcal añejo over the past few years.
North America Held Largest Market Revenue
North America held the largest share of the global industry revenues in 2018. The United States is one of the leading markets for mezcal in the North American region. Key players in the North American region are considering the increasing popularity of mescal and are investing to open production plants in the region, which is highly popular for the production of mescal. Furthermore, the demand for spirits across the on-trade sales channels, including full-service restaurants and cafés/bars, is expected to increase significantly over the forecast period.
Mezca market is highly fragmented owing to the number of small and giant players dominating the market. Some of the key players in the market are Pernod Ricard, Ilegal Mezcal, and William Grant & Sons Ltd. Key players are investing in acquiring small players in the mezcal market, especially to leverage the luxury spirits segment and to develop the product portfolio.
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